黄新飞 《微观经济学》Chapter 6 production and business organization.pptVIP

* The Aggregate Production Function Y=AK0.25L1-0.25 2Y=A(2K)0.25(2L)1-0.25 1.0025Y≈A(1.01K)0.25L1-0.25 1.0075Y≈AK0.25(1.01L)1-0.25 * Total Factor Productivity We can use the aggregate production function to measure a country’s productivity and technological change. In measuring productivity, we denote labor productivity as the amount of output per unit of labor; capital productivity as output per unit of capital; and total factor productivity (全要素生产率) as output per unit of total inputs of capital and labor. * U.S.A Findings Total factor productivity has been increasing throughout (贯穿) this century. The capital stock (资本存量) has been growing faster than the number of work-hours. Capital’s rate of return has remained about the same. In the last two decades, all measures of productivity have shown a marked growth slowdown (减速). * The Nature of The Firm Why does production generally take place in firms: To exploit economies of mass production To raise resources for large-scale production; To manage the production process. * Three Types of Firm The Individual Proprietorship (个人所有制) The partnership (合伙制) The Corporation (公司制) * The Nature of The Corporation The ownership (所有权) of a corporation is determined by the ownership of the company’s common stock (普通股票). In principle, the shareholders (股东) control the companies they own. The corporation’s managers and directors (董事) have the legal power to make decisions for the corporation. * Advantage and Disadvantage of Corporations The corporation may have perpetual (永久的) succession (连续性) or existence. The corporation’s managers can make decisions quickly. Corporate stockholders enjoy limited liability (有限责任). Corporate income is doubly taxed (双重征税). * The Economics of Organizations Economists point to (表明) the importance of transaction costs (交易成本，交易费用) in determining the boundaries (边界) between firm and market. Economic history has shown the vital importance of organizational efficiency and innovation in increasing productiv